Bit Digital is making a bold exit from Bitcoin mining, pivoting entirely to Ethereum staking and digital asset treasury operations. To fuel this shift, the company has raised $150 million through a public share offering.
According to the press release, Bit Digital has raised $150 million through a public offering of 75 million shares priced at $2 each. In addition, underwriters have been granted a standard 30-day option to purchase up to 11.25 million more shares. The company plans to use most of the proceeds to acquire Ethereum (ETH), making this one of the most significant ETH treasury commitments by a publicly listed firm so far.
The firm’s transition comes amid increasing economic pressures in the Bitcoin mining sector. The company has now made the decision to change its focus and wound up. It will now only concentrate on Ethereum staking and Treasury management.
In the absence of its own infrastructure, Bit Digital had mainly depended on outside vendors to oversee its mining fleet; this arrangement proved precarious in a market that was becoming more competitive.
In recent times the firm is growing its presence in high-performance computing in tandem with its crypto strategy. WhiteFiber Inc., the company’s wholly owned subsidiary that specialises in AI computing services and Ethereum-aligned infrastructure, has filed in confidence for an initial public offering (IPO). The timing and structure of the IPO have not been disclosed to the public.
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